Problem 3-8A Preparing closing entries, financial statements, and ratios

Saved 2003 project (MSA) The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2017 Account Title Debit $ 7,000 101 Cash 104 Short-term investments 26 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accuulated depreciation-Building 183 Land 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 233 Unearned professional fees 251 Long-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 24,000 8,900 9,000 40,000 ook 162,000 20,000 54,000 rences 66,920 15,000 2,600 4,000 2,300 1,300 7,000 68,500 7,000 121,200 10,900 401 Professional fees earned 406 Rent earned 407 Dividends earned 104,000 17,000 2,500 2,500 409 Interest earned 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 682 Postage expense 683 Property taxes expense 11,880 6,000 30,000 4,300 8, 800 11,800 6,000 4,200 3,900 20 78 FI F2 F5 8